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The Undershoot of the reorder point: test of an approximation

Author: Baganha, Manuel P. ; Pyke, David F. ; Ferrer, GeraldoINSEAD Area: Technology and Operations ManagementIn: International Journal of Production Economics, vol. 45, no. 1/3, aug. 1996 Language: EnglishDescription: p. 311-320.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: The authors investigate a widely used approximation for the mean and variance of the undershoot. The approximation is based on the limit of the excess random variable of a renewal process when the order size approaches infinity. In the current business environment that emphasizes small batch sizes and frequent deliveries, many inventory systems order in batch sizes that are not large. They also investigate the potential error that could be introduced by using the approximation for a variety of batch sizes and demand distributions
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The authors investigate a widely used approximation for the mean and variance of the undershoot. The approximation is based on the limit of the excess random variable of a renewal process when the order size approaches infinity. In the current business environment that emphasizes small batch sizes and frequent deliveries, many inventory systems order in batch sizes that are not large. They also investigate the potential error that could be introduced by using the approximation for a variety of batch sizes and demand distributions

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